Research On The Factors Affecting The Spread Of Credit Bonds' Spreads

Credit debt is one of the important ways for Chinese enterprises to raise funds in the market.It has played an important supporting role in the development of China's real economy for many years and is also an important part of optimizing and improving the investment and financing tools of China's capital market.Thanks to the credit bond issuance system reform and market-oriented process,since 2005,China's credit bond market has developed rapidly.However,with the landing of the first credit default breach case in China in 2014 until the end of 2017,according to the statistics of Wind Information,there have been 156 substantial credit default events in China.Continuing breaches have not only attracted scholars and regulators to attach great importance to it,but also allowed credit debt investors to pay more attention to the risks involved while obtaining higher investment returns from investment credit bonds..From the research of many documents,it is found that the risk of credit bonds mainly comes from the credit risks and liquidity risks it contains,focusing on the credit risks and liquidity risks included in China's credit bonds in the context of increasing number of default events.It is of great significance to conduct research and analyze the influencing factors.The focus of this article is on the credit risk and liquidity risk that are included in the issuance of credit bonds.The difference between the coupon rate at the time of issuance of a credit bond and the yield of the government bond at the same time is used as an investor to bear the credit debt.The compensation for the risk of the issuance risk,and the issuing interest spread of this credit bond as the pricing of the risk contained in the market when the credit bond is issued.With this as a goal,based on a comprehensive consideration of the impact of bond face factors such as ratings,maturity,size,guarantees,and corporate nature of the issuer on the spread of credit bond issuance,this paper will study literature,analyze default cases,and other methods.In-depth considerations in cases,cases,and practices,and from this perspective,we determined the credit risks of credit bonds from the two sides of the issuer's industry and regional economic development,and discussed the liquidity risks from the perspective of market demand.This transfer cited jade,provide reference and reference for related academic research,investment and decision-making of credit bond investment institutions and credit issuers to choose a reasonable distribution program.Based on the results of the regression analysis of the typical default cases and the credit bond samples issued in the past five years in China,this paper selected the three research perspectives of the issuer's industry,regional economic development and market demand.The stock price index of the industry to which the issuer belongs,the GDP growth rate of the issuer's region,and the China Securities Index Fund Index for the issuance of credit bonds during the same period are the explanatory variables for the three selected research perspectives.It is verified whether such factors have a significant influence on the issuance spread of credit bond samples to judge the validity of the selected explanatory variables and whether the selected research direction has research value.The results show that the stock price index of the issuer's industry and the CSI currency fund index have a significant impact on the issuance spreads of credit bonds,and the empirical results are consistent with the theoreticalanalysis' s expectations;the index of GDP growth rate of the issuer's region for the entire sample The regression results of the sample of corporate bonds and corporate bonds have a significant impact,while the regression results of sample corporate bonds and medium-term notes are not very satisfactory.Nevertheless,the results can still show that this study has a value in the direction of regional economic development.